Liddle & Robinson Attorneys at Law New York City

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First Investors Management Co., Inc. v. David Solomon - 5/1/1983

Award Amount- $0.00

Case Summary: In one of our earliest cases representing an individual, we defended the legendary fund manager, David Solomon, in an unfair competition/trade secret lawsuit First Investors filed against him in 1983. Mr. Solomon joined First Investors in 1973, and managed two of its mutual funds, including its equities First Investors Discovery Fund and its junk-bond mutual fund, the First Investors Fund for Income. In April 1983, Solomon decided to leave First Investors and form his own money management firm. A number of First Investors employees also decided to leave and join Solomon's new firm. 16 days after Solomon left, First Investors sued him in federal court, seeking, among other things, an injunction barring him from competing with it. Discovery was conducted on an expedited basis between April 29, 1983 and May 8, 1983. United States District Court Judge Henry F. Werker conducted a two-day preliminary injunction hearing on May 9 and 10, 1983. After First Investors rested its case-on-chief, Solomon asked the Court to deny the motion for an injunction. In a decision that permitted Solomon to continue in his business, Judge Werker denied First Investors' request for an injunction. A trial was held eight years later before a different judge on First Investors' claim for monetary damages. Although the Court held that it was entitled to some damages, the damages awarded were but a fraction of the amount Solomon was able to earn in the interim, thanks to our efforts in 1983 to defeat the request for a preliminary injunction.

Jeffrey L. Liddle

Judge: Henry F. Werker

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